1500 ET – National Bank Financial’s index measuring housing affordability in Canada improved for an eighth straight quarter in 4Q. The Montreal firm says gains in personal income contributed more to the improvement than lower financing costs. NBF says the ratio measuring home price to income is now at its most favorable level in five years. The firm says the improvements are focused in markets like Toronto and Vancouver were affordability was historically stretched. NBF adds that income gains are likely to be the key contributor to further improvements in housing affordability, as the Bank of Canada appears intent to hold its key interest rate at its current 2.25% level. (paul.vieira@wsj.com; @paulvieira)